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FEDERAL H .9 - (Rev.'4/72) RESERVE statistical WEEKLY SUMMARY OF BANKING AND CREDIT fCASURES ( A v e r a g e s of d a i l y f i g u r e s ) release For Immediate R e l e a s e December 7 , 1972 P e r c e n t Change ( S e a s o n a l l y AdjiisrnH Annual Reserve Aggregates Dec. 1/ Total reserves Nonborrowed r e s e r v e s . Required r e s e r v e s R e s e r v e s A v a i l a b l e t o Support P v t . Nonbank D e p o s i t s 6 31.17 30.54 30.90 28.85 4 Wks. ended 1 Nov, 2 9 D e c . 6 1 Nov ($-Bil7.., SA) 30.81" 31.13 33.77 30.20 30.58 33.03 30.47 - 3 0 . 7 5 33.60 28.76 28.72 30.96 Week ended Monetary A g g r e g a t e s Mj ( C u r r e n c y p l u s demand d e p o s i t s ) \ Mg (M1 p l u s time d e p o s i t s a t c o m m e r c i a l b a n k s ) o t h e r than l a r g e t i m e CD's) A d j u s t e d c r e d i t proxy 2 / Time d e p o s i t s , a l l c o m m e r c i a l banks U . S . Government demand d e p o s i t s , member banks Nov. 29 244.3 508.3 400.9 509.4 400.4 306.7 7.0 Week ended Other R e s e r v e Mea sures & I n t e r e s t R a t e s Member bank b o r r o w i n g s ($ m i l . ) F r e e or n e t borrowed ( - ) r e s e r v e s ($ m i l . ) F e d e r a l funds r a t e 3-month T r e a s u r y b i l l r a t e 9 0 - 1 1 9 day d e a l e r p l a c e d c o m m e r c i a l p a p e r r a t e 3/ 3-month CD r a t e ( s e c o n d a r y m a r k e t ) 4 / 3-month E u r o - d o l l a r r a t e U . S . Government bond r a t e 5 / 4 Wks. ended I Nov. 221 Nov. 29 1 Nov. ($ B i 1 . , SA) J 587 -309 5.17 4.94 5.30 5.23 6.13 5.85 572 -219 5.03 4.87 5.25 5.21 5.70 5.80 1 A v e r a g e of 4 Weeks Ended Dec . 6 , 1972 13 weeks p r e v i o u s | 26 weeks p r e v i o u s from 4 Week A v e r a g e s 1 52 weeks p r e v i o u s 10.2 10.1 9.1 9.4 9.3 8.9 5.7 9.5 A v e r a g e o f - 4 Weeks Ended Nov. 2 9 . 1972 1q weeks p r e v i o u s | 26 weeks p r e v i o u s | from 4 Week A v e r a g e s 52 weeks p r e v i o u s 243.5 508.1 505 .1 398.9' 395 .6 305.9 303.6 5.9 7.3 4 Wks. ended Dec. 6 |Nov. 8 (NSA) 519 -129 5.02 4.84 5.23 . 5.23 5.84 5.79 7 .7 10.0 10.2 H.3 15.1 678 -528 5.06 4 .75 • 5.20 5 .24 5.95 5.94 NSA--Not S e a s o n a l l y A d j u s t e d . 1/ I n c l u d e s r e q u i r e d r e s e r v e s Against E u r o - d o l l a r b o r r o w i n g s and b a n k - r e l a t e d c o m m e r c i a l paper,. R e s e r v e s A v a i l a b l e t o Support P r i v a t e Nonbank D e p o s i t s a r e r e q u i r e d r e s e r v e s f o r p r i v a t e demand d e p o s i t s , t o t a l t i m e and s a v i n g s d e p o s i t s , n o n d e p o s i t s o u r c e s s u b j e c t t o r e s e r v e r e q u i r e m e n t s , and e x c e s s r e s e r v e s . R e s e r v e a g g r e g a t e s r e f l e c t t h e c h a n g e i n R e g u l a t i o n D e f f e c t i v e November 9, w h i c h reduced r e q u i r e d r e s e r v e s by a b o u t $ 3 . 2 b i l l i o n . Per c e n t annual r a t e s o f growth f o r r e q u i r e d r e s e r v e s and o t h e r r e s e r v e a g g r e g a t e s have b e e n a d j u s t e d t o remove t h e e f f e c t o f t h i s s t r u c t u r a l c h a n g e . 2 / A d j u s t e d t o i n c l u d e $ 4 5 0 m i l l i o n o f c e r t a i n r e s e r v e d e f i c i e n c i e s on w h i c h p e n a l t i e s can be waived f o r a t r a n s i t i o n p e r i o d i n c o n n e c t i o n w i t h bank a d a p t a t i o n t o R e g u l a t i o n J a s amended e f f e c t i v e November 9 , 1972. v 3/ I m p l e m e n t a t i o n o f r e v i s e d R e g u l a t i o n J on November 9 , b e c a u s e o f i t s e f f e c t s on c l e a r i n g a c c o u n t s on bank b a l a n c e s h e e t s , had t h e e f f e c t o f r a i s i n g demand d e p o s i t s as c a l c u l a t e d f o r i n c l u s i o n i n money s u p p l y . However, t h e r e s u l t i n g i n c r e a s e h a s b e e n e l i m i n a t e d from c u r r e n t money s u p p l y d a t a ( b e g i n n i n g w i t h t h e week ended November 15) i n o r d e r t o a v o i d a d i s c o n t i n u i t y i n t h e s e r i e s . The upward a d j u s t m e n t o f money s u p p l y a s a r e s u l t of r e v i s e d R e g u l a t i o n J w i l l be i n c o r p o r a t e d i n t h e s t a t i s t i c s a t t h e t i m e of t h e r e g u l a r a n n u a l benchmark and s e a s o n a l a d j u s t m e n t r e v i e w . At t h e same t i m e , h i s t o r i c a l f i g u r e s w i l l a l s o be r e v i s e d on a c o n s i s t e n t b a s i s . The f o r t h c o m i n g a d j u s t m e n t s t o t h e f i g u r e s stemming from t h e c h a n g e i n R e g u l a t i o n J w i l l p r i m a r i l y a f f e c t t h e l e v e l o f t h e s e r i e s and w i l l t h e m s e l v e s h a v e minimal e f f e c t s on r a t e s o f c h a n g e . " 4/ I n c l u d e s member batik d e p o s i t s , b a n k - r e l a t e d c o m m e r c i a l p a p e r , E u r o - d o l l a r b o r r o w i n g s of U . S . b a n k s , and c e r t a i n o t h e r n o n d e p o s i t i t e m s . 5/ On November 29 b a n k - r e l a t e d c o m m e r c i a l paper amounted t o $ 2 , 5 7 9 m i l l i o n . 6 / A v e r a g e o f r a n g e o f o f f e r i n g r a t e s on n e g o t i a b l e c e r t i f i c a t e s o f d e p o s i t w i t h 3-month m a t u r i t y i n s e c o n d a r y m a r k e t . 7/ D a i l y a v e r a g e y i e l d on 2 0 - y e a r b o n d s . Source: U.S. Treasury NOTE; A l l p e r c e n t a g e c h a n g e s a r e a t s e a s o n a l l y a d j u s t e d a n n u a l r a t e s , n o t compounded.
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